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Chester sits in the northern Sierra Nevada foothills where median home prices hover near $937,500. At 5.875%, a conventional 30-year fixed on that purchase runs $4,437 monthly for principal and interest alone.
Plumas County's median household income of $64,946 means most buyers here stretch to reach the $750,000 loan range. Conventional financing works well when you have 20% down and solid credit — no PMI, no surprises, just a fixed payment for 30 years.
5.875%
Interest Rate
$4,437
Monthly P&I
740
Min FICO
$750,000
Loan Amount
20% ($187,500)
Down Payment
30–45 days
Close Timeline
Conventional Loans in Chester
Conventional loans in Chester require a 740 FICO minimum for the best pricing. Down payment ranges from 5% to 20%, but at 20% down you skip PMI entirely. Below 20% down, PMI kicks in and adds $100–$200 monthly depending on your LTV.
Plumas County's median household income of $64,946 means a $750,000 purchase stretches most local buyers. Lenders typically want your housing payment under 28% of gross income.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Chester.
Chester sits in the northern Sierra Nevada foothills where median home prices hover near $937,500. At 5.875%, a conventional 30-year fixed on that purchase runs $4,437 monthly for principal and interest alone.
Plumas County's median household income of $64,946 means most buyers here stretch to reach the $750,000 loan range. Conventional financing works well when you have 20% down and solid credit — no PMI, no surprises, just a fixed payment for 30 years.
Conventional loans in Chester require a 740 FICO minimum for the best pricing. Down payment ranges from 5% to 20%, but at 20% down you skip PMI entirely. Below 20% down, PMI kicks in and adds $100–$200 monthly depending on your LTV.
California's conventional market splits between retail banks and mortgage brokers. Retail lenders like Wells Fargo and Bank of America offer convenience but often higher rates.
Conventional loans close in 30–45 days in California. Underwriting is tighter than FHA — lenders want 2 years employment history, full tax returns, and clean credit.
Conventional 30-year fixed makes sense in Chester when you have 20% down and a 740+ FICO. The math is clean: no PMI, no surprises, and a rate that locks for three decades. At $937,500, conventional beats FHA because you avoid lifetime mortgage insurance.
Where conventional struggles: if you're putting down less than 15%, PMI costs eat into your monthly savings. At that point, FHA's lower rate might pencil better over five years. Run both scenarios with your actual down payment before deciding.
FHA loans in Chester run a lower rate but carry mortgage insurance for life if you put down less than 10%. At 20% down, FHA insurance cancels after 11 years. Conventional at 20% down has zero insurance — the payment stays lower forever.
VA loans offer zero down for eligible veterans, but the funding fee replaces PMI. If you're not VA-eligible or prefer to put 20% down, conventional gives you the simplest path: no insurance, no fees, just a fixed rate.
Chester's location in the northern Sierra means outdoor recreation and forest access are core to the lifestyle. Home values here reflect that appeal — buyers are investing in proximity to hiking, fishing, and mountain living, not urban amenities.
The county's small population of 19,607 means tight community ties and low density. That stability supports long-term home values. Conventional financing works well here because you're buying for the long haul, not flipping.
At 5.875% interest, principal and interest run $4,437 monthly. That's on a $750,000 loan with 20% down ($187,500) at 80% LTV, 740 FICO, 30-year fixed. Add property taxes, insurance, and HOA for your total housing payment.
Yes — 20% down (80% LTV) is the only way to skip PMI on a conventional loan. Below 20%, PMI is required and adds $100–$200 monthly. PMI cancels automatically at 78% LTV under the Homeowners Protection Act.
Plumas County's median household income is $64,946. A $750,000 loan at $4,437 monthly requires roughly $190,000 annual income to stay under the 28% housing ratio lenders use. You'd need combined income above the county median.
Conventional loans close in 30–45 days in California. Underwriting requires 2 years employment history, full tax returns, and 740+ FICO for best rates. No surprises if your finances are clean.
At 20% down, conventional wins because there's no PMI. FHA rates run lower but carry lifetime insurance if you put down under 10%. Above $750,000, conventional pencils better over the life of the loan.